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Pakistan, October 14 — The Pakistan National Shipping Corporation (PNSC), the nation’s official maritime carrier, stated that its fully owned subsidiaries – Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd. – have entered into Memoranda of Agreement (MoA) for the acquisition of two Aframax-type tankers.

The company announced the progress in a statement released to the Pakistan Stock Exchange (PSX) on Monday. Karachi Shipping (Pvt) Ltd. and Lahore Shipping (Pvt) Ltd., both part of PNSC, have entered into Memoranda of Agreement (MoA) for the purchase of LORAX and NAFSIKA, which have deadweight tonnages (DWT) of 109,990 and 112,051 tonnes respectively.

The PNSC board of directors approved the purchase of three ships worth $193.115 million on Friday, aiming to increase the national fleet to 30 by 2026.

During a meeting with the Federal Minister for Maritimes Affairs, Muhammad Junaid Chaudhry, the management stated that it has accelerated its vessel acquisition process as per the federal minister’s instructions.

The PNSC administration notified the minister that the company’s fleet development strategy is advancing smoothly, with critical purchasing phases approaching completion.

Authorities stated that the PNSC Board had previously given approval for the acquisition of three used Aframax and MR-2 class oil tankers, with assessment and due diligence carried out in line with public procurement guidelines.

The Board gave its approval for the purchase of three ships: the MT LOREX, which will be rebranded as MT Karachi, at a price of $74.5 million; the MT NAFSIKA, set to be renamed MT Lahore, also costing $74.5 million; and the MT STAVANGER POSEIDON, an MR-2 type vessel that will be called MT Quetta, at a cost of $44.15 million.